Parking Management Market: Growth Analysis & Regional Outlook To 2027

Global parking management market is anticipated to depict a CAGR of 12% through 2027, having recorded a valuation of USD 3 billion in 2020. By 2027, the market is expected to hit a remuneration of USD 6 billion.

The rising penetration of smartphones around the world is strongly favoring parking management market growth. This can be largely credited to the emergence of mobile applications linked with the system that help customers to check availability, remotely book the parking spot, and make contactless payments. The rising demand for such applications is urging the market players to focus on business expansion initiatives to gain a larger consumer base. For instance, in 2021, the leading smart parking and mobility solutions firm in ParkMobile expanded its reach to Puerto Rico by partnering with DISTRITO T-Mobile. Under this initiative, visitors will be able to pay for parking through their mobile devices in around 3,000 spaces within the property.

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The rising demand to manage the alarming traffic rate in cities aligned with the increasing requirement for proper parking sites is complementing the surge in the demand for parking management systems. In addition, with the technological upgradation in video surveillance cameras like thermal imaging, motion-detection, audio alter and license plate recognition due to rising vehicles worldwide, the global parking management market growth is touted to soar to new heights by 2027.

Due to the coronavirus pandemic, reliance on digital methods for safety purposes has increased owing to which there has been a rise in the demand for automation in management systems. The parking management systems have incorporated AI and loT technologies which help in determining data analytics, information tracking and system monitoring in the parking spaces for effective vehicle management.

Increasing support from the regional government bodies in India for managing the growing traffic in cities and addressing the need for designated parking sites is stimulating product adoption in the country to a greater extent. For instance, the Tamil Nadu government is developing a smart parking management system in its capital city of Chennai to curb parking issues in the capital. In addition, the regional governments are also engaging in the Public Private Partnerships (PPP) to develop smart parking management solutions in the country which will positively influence the market growth through the coming years.

Surging automobile sales along with the rise in the usage of autonomous vehicles in diverse economies is augmenting the demand for parking management solutions. The parking management solution providers are teaming up with the government to accelerate the establishment of smooth parking sites. For instance, the Germany government initiated a parking management project in partnership with Siemens. The project is still undergoing test runs to curb the parking issues in Berlin.

The global parking management market is highly consolidated and boasts of the presence of leading companies namely Skidata parking systems, IBM parking lot, Amano parking systems, Kapsch TrafficCom AG, Tiba Parking. The market vendors are looking forward to engage in organic marketing strategies like product offerings, business overview, latest innovations, thereby transforming the structure of parking management systems market.

In a recent example, APT Skidata, an access control equipment supplier of parking facilities, announced complete transformation of 11 public parking areas at Heathrow Airport in London. Along with parking management company APCOA UK, APT Skidata has induced hardware and software upgrades across the parking area at the airport. With transformed features and hi-tech software applications designed primarily to enhance the customer experience, the parking units will work as per the APT Skidata’s vehicle access management system.

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Data Tables

TABLE 1 Parking management industry 360º synopsis, 2017 - 2027

TABLE 2 Parking management market size, 2017 - 2020 (USD Million)

TABLE 3 Parking management industry size, 2021 - 2027 (USD Million)

TABLE 4 Parking management industry size, by region, 2017 - 2020 (USD Million)

TABLE 5 Parking management industry size, by region, 2021 - 2027 (USD Million)

TABLE 6 Parking management industry size, by component, 2017 - 2020 (USD Million)

TABLE 7 Parking management industry size, by component, 2021 - 2027 (USD Million)

TABLE 8 Parking management industry size, by parking site, 2017 - 2020 (USD Million)

TABLE 9 Parking management industry size, by parking site, 2021 - 2027 (USD Million)

TABLE 10 Parking management market size, by application, 2017 - 2020 (USD Million)

TABLE 11 Parking management market size, by application, 2021 - 2027 (USD Million)

TABLE 12 Vendor matrix

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